DG FIA takes notice of historic drop in rupee against dollar

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KARACHI: Federal Investigation Agency (FIA) Director General Bashir Memon took notice of the sharp rupee depreciation against the US dollar.
A crackdown against the transfer of foreign exchange reserves through hundi and hawala has been initiated on the directives of the DG FIA.
According to official, teams have been formed in all four provinces under investigation officers and they will start conducting inquiries from tonight.
The US dollar soared to Rs134.50 in the open market. The US dollar gained by over Rs6.50 to touch the new high in the open market, while in the interbank market it rose by Rs9 to reach Rs133.64.
The strengthening of dollar against rupee also saw a record increase in gold prices in the country over the last five years. The price of one tola (12 grams) gold recorded a hike of Rs1700, hitting Rs62,000. Accordingly, the price of 10 gram gold shot up to Rs53,155.
According to analysts, the rapid increase in the dollar is owing the government’s decision to approach the International Monetary Fund (IMF) to deal with the prevalent financial crisis.
Meanwhile, State Bank of Pakistan (SBP) spokesperson Abid Qamar told Reuters “the market is aware about the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) currently.”